I just blew a deal

[Caligirl]

Any sale provided by others that is not a newer qualified sale of a property that is more similar and closer in proximity to the subject than the sales already provided in the original appraisal report will involve a fee of $150 each for the appraiser to provide a written explanation of why that was not used.

:icon_lol:

 

[Webbed Feet]

<.... snip....> Loan officer says both agents can provide a multitude of comps that support the sale price. <.....snip....>

Comps the L.O. has as yet never seen, adjusted how, and in whose opinion? I like to fire right back at them that three biased parties are trying to gang up on the one unbiased party... And the unbiased party is going to charge them for wasting his time.

Webbed.

P.S. 1% per month, after a year, oops.. I meant less than.. 24% annually. LOL... I need a math class! Is that compounded or lump sum for total months?

 

[Dale Smalley]

Dealkiller!

 

[Don Clark]

Don.....you've been around as long as I have. Do you remember what the formula FHA allowed for charging re. the reconsideration of value?

Can't remember what the FHA allowed. But, for a VA, if you have followed the requirements and have done a reconsideration of value and they come back again, the VA use to allow us to charge 1/2 the original fee. With the Tidewater iniative it works about the same. If i have followed the VA requirements and notified the lender, give them 48 hours to provide additional information to be considered, consider that information and then submit the report then I am finished. IF they come back after that and want a reconsideration, then I can charge 1/2 the amount of the original appraisal to do a second reconsideration. I do not believe the lender can charge the Veteran purchaser for this either.

 

[Mike Boyd]

Additional information and/or sales to be considered as more appropriate as comparable to the subject than what is already used in the original appraisal report is all subject to additional fees.

Any sale provided by others that is not a newer qualified sale of a property that is more similar and closer in proximity to the subject than the sales already provided in the original appraisal report will involve a fee of $150 each for the appraiser to provide a written explanation of why that was not used. If any sale provided by someone else is found to be a newer qualified sale of a property that is more similar and closer in proximity to the subject than those already used in the original appraisal report, the appraiser will put those sales into an addendum grid and provide this free of any additional charges.

Reword as you like.

Thanks, Pam. That's what I was looking for.

 

[Bama Bayou]

I blew a deal last week that came in 350K below contract. Everyone was up in arms. I had only one response. Why would someone pay 800K for a condo when the exact same unit can be had for 450K (current listing) and there are two exact units under contracts for 450K?

The parties involved actually put me in their email chain. Very enlightening discussion about "never would have used this guy if I knew he would do this to us", vetting another appraiser, going back to "original offer", not making any money unless if funds, etc.

 

[Mike Boyd]

Comps the L.O. has as yet never seen, adjusted how, and in whose opinion? I like to fire right back at them that three biased parties are trying to gang up on the one unbiased party... And the unbiased party is going to charge them for wasting his time.

Webbed.

P.S. 1% per month, after a year, oops.. I meant less than.. 24% annually. LOL... I need a math class! Is that compounded or lump sum for total months?

Not me! I am very nice knowing that they will not find anything that I have not already considered.

Not compounded......but should be. To compound would take me more than 30 seconds. I'm too lazy for that.

 

[Mike Boyd]

:icon_lol:

Thank you, too, Cali. I read Pam's before I found yours.

 

[Crunch Hardtack]

You can prove the markets are dropping 1%/month?

The reason I ask, is that markets usually drop in stages. So values may have declined from 9-12 months ago, but could be stable over the past 2-3 months.

Jim, you make a good point, but, as appraisers, we are trying to determine a credible result. If I determine that in the last 24 months values have dropped 24% and make my adjustment based on 1%/month decline is my value conclusion less credible because I'm doing an aggregate decline divided by the months examined versus your method of determining the specific stages of decline?

Maybe, maybe not. Time is money and there comes a point of diminishing returns. In some parts of NW Ohio 30% of sales are FSBO. MLS data is readily available. MLS data may show stable, whereas, if I factor the FSBO sales there may be a decline. If I have to go to the auditors office and search EVERY property record card because the auditor software does not have the proper filtering and it would take me two solid 40 hour weeks to examine that data for a $375.00 appraisal, I do not think I would be a skippy for not examing the FSBO data if I included a disclaimer dealing with the difficulty of recovering some data in a timely and cost effective manner. I guess the point I'm trying to make is just how detailed of an analysis can one afford to do for a typical assignment.........one must do enough analysis to produce a credible result, but you can overanalyze yourself right out of a job.

I want to make a distinction here between the typical amount of analysis done by most ethical and professional appraisers versus skippy and the absolute minimal and fradulent analysis done by skippy. I do not think I've made my point quite the way I wanted to make it, but if someone can figure out and condense my thoughts then feel free to do so.

 

[Pamela Crowley (Florida)]

I blew a deal last week that came in 350K below contract. Everyone was up in arms. I had only one response. Why would someone pay 800K for a condo when the exact same unit can be had for 450K (current listing) and there are two exact units under contracts for 450K?

The parties involved actually put me in their email chain. Very enlightening discussion about "never would have used this guy if I knew he would do this to us", vetting another appraiser, going back to "original offer", not making any money unless if funds, etc.

Wow! I have places I would LOVE to take this!!!!!
Please contact me! email: PamC @ MortgageFraudWatchList .org (remove the spaces)